Bitcoin Price Outlook as Gold Slip While Oil Hits One-Month Low Below $88

Bitcoin Price hovered near $85,998 after a slight weekly gain, as gold weakened and oil fell below $88. Ethereum traded at $2,708, while XRP held above $1.50 in cautious trade. 

Strategy acquired 334 BTC for $28.7 million, raising holdings to 848,000 coins. 

The SEC also approved the first U.S. 3x leveraged Bitcoin and Ethereum exchange-traded funds. The decision gives traders new ways to seek magnified exposure to cryptocurrency market moves.

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Oil Drops Below $88 as Gold and Silver Face Heavy Selling

The commodity selloff deepened Monday as WTI crude slipped below $88 per barrel. Oil’s immediate support sits near $87.60, while a recovery above $88.20 could ease selling pressure. 

BREAKING: Over $400 BILLION has been wiped out from gold and silver in just 90 minutes. https://t.co/GN0I7HcbaO

— Bull Theory (@BullTheoryio) October 6, 2026

Gold and silver also faced severe selling pressure in the same session. Gold tested $4,105, with $4,100 as support and $4,120 as the first upside barrier. 

BREAKING: Over $400 BILLION has been wiped out from gold and silver in just 90 minutes. https://t.co/GN0I7HcbaO

— Bull Theory (@BullTheoryio) October 6, 2026

Silver hovered near $60.35, leaving $60.30 as support and $60.70 as resistance. More than $400 billion erased from both metals within 90 minutes. Traders will watch whether these levels hold as volatility persists. A break lower could signal another broad commodities retreat.

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Bitcoin Price Targets $90k This Month as BTC Holds Above $85,000

The BTC price traded at $86,113 on Monday, gaining 0.67% on the four-hour timeframe.

The recovery has occurred after the recent consolidation was met with a steady defense of the $85K support level. 

A clear break above $87k may indicate the break above the marked $90k resistance as per the full Bitcoin forecast report.

If $85,000 breaks down, the bullish sentiment would become weaker in the near term. It might push BTC towards the range of $82,500, which was recently supported.

The relative strength index was at 58, indicating strengthening momentum without overbought conditions.

The MACD line stood at 330.53, below the 351.98 signal line. Its histogram measured negative 21.44, showing the recent upward impulse has slowed.

On the downside, market participants will watch $85,000, $82,500, and $80,000 for reversal signals.

U.S. Bitcoin ETFs Record $89.9M Outflow as IBIT Draws Demand

The U.S. spot Bitcoin ETF market recorded $89.90 million in net outflows on October 5. BlackRock’s IBIT attracted $69.85 million, but Fidelity’s FBTC lost $74.55 million. ARK 21Shares’ 

ARKB also posted $85.21 million in withdrawals. The outflows came despite gains across most listed fund prices. Total trading value reached $2.18 billion. Combined assets stood at $110.77 billion, representing 6.43% of Bitcoin’s market capitalization. Cumulative net inflows still totaled $57.70 billion.